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The Latest Breaking News from Tax Cuts

ASX and Wall Street rally after UK backflip on tax cuts, RBA to keep increasing rates

The ASX has jumped and US stocks rallied overnight after the UK Government ditched major parts of its economic plan that caused turmoil in financial markets, and the Bank of America posted stronger earnings. The Reserve Bank says it will keep raising interest rates.

ABC News

Brewers and distillers face ‘huge blow’ as alcohol duty freeze scrapped

New Chancellor Jeremy Hunt confirmed on Monday that the Government will reverse a raft of tax cuts announced last month

Evening Standard

Liz Truss U-turn will send taxes to highest levels since 1950s

But economists warn more pain yet to come with spending cuts

The Independent UK

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read the most diverse news in one place.

Watch: Jeremy Hunt warns of tough spending decisions as he tears up Liz Truss’s plan

Liz Truss is battling to save her premiership as Chancellor Jeremy Hunt warned “eye-wateringly difficult” decisions were needed as he tore up her economic strategy. Mr Hunt scaled back the energy support package and ditched “almost all” the tax cuts announced by his predecessor Kwasi Kwarteng less than a month…

Evening Standard

UK leader in peril after Treasury chief axes 'Trussonomics'

New U.K. Treasury chief Jeremy Hunt has reversed most of an economic package announced by the government just weeks ago, including a planned cut in income taxes

The Independent UK

Guardian Essential poll: voters split on whether Labor should ditch the stage-three tax cuts

Bare majority of respondents say Labor should stick with tax cuts despite changed economic situation – but most of those in favour stand to benefit

The Guardian - AU

All Liz Truss's U-turns so far in her chaotic 41-day term as Prime Minister

From fracking, windfall taxes and tax cuts to Britain's relationship with Emmanuel Macron, Liz Truss is no stranger to a change of heart - and there's plenty more to come from the flip-flopping PM

Daily Mirror

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Hunt drops what’s left of Truss plan to save UK credibility

Chancellor of the Exchequer Jeremy Hunt ripped up most of what was left of Prime Minister Liz Truss’s controversial economic program, scrapping tax cuts and cutting back support for household energy bills in an effort to restore order to the UK public finances.

Tribune News Service

New UK finance minister scraps more tax cuts in further government U-turn

Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.

France 24

Scotland right not to copy says Sturgeon as Hunt scraps Kwarteng’s tax cuts

The First Minister tweeted in response to the new Chancellor’s emergency announcement.

The Independent UK

Watch: Jeremy Hunt rips up mini-budget plans on tax and energy

Jeremy Hunt axed a series of tax cuts on Monday and signalled the energy support package will be more targeted next year as he raced to save Britain from more economic mayhem. In an emergency statement, the new Chancellor ripped up large parts of the “Kamikwasi” mini-budget with a blitz…

Evening Standard

Hunt scales back energy price cap duration as he acts to stabilise markets

The new Chancellor has ditched promised tax cuts by his predecessor saying the basic rate of income tax will remain at 20p.

The Independent UK

Liz Truss apologises for going ‘too far and too fast’ with economic changes – as it happened

Latest updates: In BBC interview, Liz Truss refuses say if her vision is ‘dead’ and vows to fight next election

The Guardian - UK

DeSantis draws large crowd in heavily Democratic Broward

CORAL SPRINGS, Fla. — Gov. Ron DeSantis delivered both a traditional election season campaign pitch on Sunday — promising tax cuts —and touting the conservative social messaging — on gender, education and immigration — that have become hallmarks of his time in office.

Tribune News Service

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ABC News

Income tax changes ruled out this budget but push for new review into revenue gathers steam

The Treasurer may have ruled out making changes to the stage 3 income tax cuts in his first budget, but there is a growing push for more comprehensive tax reform from experts and the parliamentary crossbench.

The Conversation

In sticking with tax cuts divorced from reality, Labor is left with a hard choice

The big question prior to Treasurer Jim Chalmers delivering the Albanese government’s first budget on October 26 has been whether it will seek to modify the “stage 3” tax cuts legislated by the Morrison government, with Labor’s support.

The Independent UK

Archbishop of Canterbury ‘deeply sceptical of trickle-down economics’

During a tour of Australia, Justin Welby expressed his concerns about tax cuts for the very wealthiest.

The Guardian - UK

Archbishop of Canterbury criticises tax cuts for the rich

Justin Welby ‘deeply sceptical about trickle-down theory’ and can see no moral case for budgets that disproportionately affect poor

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Daily Mirror

'Liz Truss signed her own death warrant in nonsensical 9 minute press conference'

It was not just having to U-turn on her signature policy of corporation tax cuts that sealed her fate. It was her complete inability to show any contrition for the damage she has inflicted on her country and her party

Reason

Liz Truss Is Flailing, Politically and Economically

The British Conservative Party can’t figure out what it wants.

The Guardian - AU

Rising costs, insecure work and the stage-three tax cuts make Australia’s class system even starker

The sorts of long-term jobs we used to take for granted are now only available to a diminishing pool of established elites

The Independent UK

Spending cuts of up to £40bn expected after Liz Truss announcement

U-turns have filled less than half the £62bn ‘black hole’ created by Kwasi Kwarteng

Evening Standard

Truss was right to focus on growth. But her rush to get things done was short-sighted

City comment: Rather than hurrying to make announcements, the PM should have spent more time reassuring markets her policies were credible

The Guardian - UK

Liz Truss to raise corporation tax in another humiliating U-turn

PM makes second climbdown and sacks chancellor after package of unfunded tax cuts sent the pound tumbling

WEKU

The U.K. prime minister fires her finance chief and nixes tax cuts to calm markets

In a move to calm financial markets and her own Conservative Party, Prime Minister Liz Truss canceled planned tax cuts for corporations and replaced Kwasi Kwarteng as treasury head with Jeremy Hunt.

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